Ridley Terminals Inc., a coal export terminal, is a Crown corporation based on the North Coast of B.C. (Shannon Lough / The Northern View)

Indigenous nations receive 10 per cent stake in coal terminal

Sale of Ridley Terminals in Prince Rupert expected to be completed by summer 2019

Ridley Terminals Inc. is officially up for sale, and the Lax Kw’alaams Band and Metlakatla First Nation will share in the profits.

A Nov. 5 letter from the Canadian Development Investment Corporation (CDEV) states that it has been mandated by the federal government to find a buyer for Ridley Terminals, who will receive a 90 percent stake in the company.

The remaining 10 per cent will be owned either directly or indirectly by Lax Kw’alaams and Metlakatla.

READ MORE: Government plans to sell Ridley Terminals this fall

CDEV has already written letters to potential buyers informing them of the sale. Interested parties may request non-disclosure agreements, and, if signed, will be able to submit a non-binding proposal for the purchase of RTI. CDEV will select a shortlist of potential purchasers based on these proposals.

In the second phase of the process, finalists in the process will be granted access to more detailed and confidential information about RTI, and will be given opportunities to meet with RTI’s management team, Lax Kw’alaams Band and Metlakatla First Nation. They will also be able to visit the site itself.

Following this second phase, shortlisted candidates will be asked to submit final offers to CDEV, which will make a final recommendation to the federal government.

The sale is expected to be completed by the summer of 2019.

On Aug. 9, the federal government announced that it was discussing a potential sale of RTI with six First Nations in the region. This development followed a profitable year by the coal terminal, which recorded revenues of $178-million in 2017, which was a 192.5 per cent increase from 2016.

The terminal was previously up for sale in Dec. 2012.

READ MORE: Report finds failures in governance at Ridley Terminals



newsroom@thenorthernview.com

Like us on Facebook and follow us on Twitter

Just Posted

Woman killed in head-on crash near Vanderhoof

RCMP say driver crossed the centre line and hit a loaded fuel tanker truck

RCMP to review actions at Wet’suwet’en pipeline protest camps

Senior Mountie says he hopes protests will be peaceful following deal with hereditary chiefs

‘Tripod’ delays access to Unist’ot’en camp

Social media rumours of cultural significance quashed, meaning police “exclusion zones” should end.

Hereditary chiefs negotiate injunction agreement

Wet’suwet’en hereditary chiefs abide by interim injunction, but gate stays up. Still opposed.

College of New Caledonia wants public’s input on budget

A public consultation will be held Feb. 1 at 4 p.m. at Vanderhoof Campus

Giant rotating ice disk forms in Maine river

Ice disk that is roughly 100 yards wide has formed in the Presumpscot River

Liberal candidate steps aside after singling out Jagmeet Singh’s race

Karen Wang says she made comments online that referenced Singh’s cultural background

SUV wedged on top of car in B.C. mall parking lot has customers confused

The accident occurred Tuesday, no injuries were reported

Huawei founder thanks inmates, Canadian justice system for treating daughter well

Ren Zhengfei said he believes there will be a just conclusion to the case of his daughter, Meng Wanzhou

May government faces no-confidence vote after Brexit defeat

British Prime Minister Theresa May said she would stay put in her leadership role

Razor burn: Gillette ad stirs online uproar

A Gillette ad for men invoking the #MeToo movement is sparking intense online backlash

Feds poised to bolster RCMP accountability with external committee

Long-anticipated move is the latest attempt at rebuilding the force following years of sagging morale

Canada needs a digital ID system, bankers association says

The Department of Finance last week officially launched its public consultation on the merits of open banking

Indigenous energy summit includes session on pipeline ownership options

Steven Saddleback of the Indian Resource Council says a session will feature presentations on financing models

Most Read